Convertible Senior Notes

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Eos Energy Enterprises, Inc. Announces Proposed Convertible Senior Notes Offering
Globenewswire· 2025-05-29 10:56
Core Viewpoint - Eos Energy Enterprises, Inc. plans to offer $175 million in convertible senior notes due 2030, with an additional option for purchasers to buy up to $26.25 million more, to strengthen its financial position and support corporate initiatives [1][5]. Group 1: Offering Details - The notes will be senior, unsecured obligations, maturing on June 15, 2030, and will accrue interest payable semi-annually [2]. - Noteholders can convert their notes into cash, shares of common stock, or a combination, at the company's discretion [2][4]. - The notes are redeemable at Eos's option starting June 20, 2028, under specific conditions related to the stock price [3]. Group 2: Use of Proceeds - The net proceeds from the notes offering will be used to repurchase existing convertible senior notes due 2026, prepay a portion of the credit agreement, and for general corporate purposes [5]. - A prepayment of $50 million under the credit agreement will reduce the PIK interest rate from 15% to 7% and waive financial covenants until 2027 [5]. Group 3: Additional Offerings - Eos also intends to offer $75 million of its common stock, with an additional $11.25 million option for underwriters, independent of the notes offering [6].
GDS Announces Launch of Proposed Public Offering of ADSs
Globenewswire· 2025-05-27 21:00
Core Viewpoint - GDS Holdings Limited is initiating multiple offerings, including a public offering of American Depositary Shares (ADSs) and a private offering of convertible senior notes, to raise capital for general corporate purposes and refinancing existing debt [1][2][3]. Group 1: Primary ADSs Offering - The company plans to offer 5,200,000 ADSs, each representing eight Class A ordinary shares, with an underwriters' option for an additional 780,000 ADSs [1]. - The net proceeds from the Primary ADSs Offering will be used for general corporate purposes, working capital needs, and refinancing existing indebtedness, including potential repurchases of convertible bonds due in 2029 [2]. Group 2: Notes Offering - GDS Holdings is also proposing a private offering of convertible senior notes totaling US$450 million, due in 2032, with an option for initial purchasers to buy an additional US$50 million [3]. - This offering is targeted at qualified institutional buyers under Rule 144A of the Securities Act [3]. Group 3: Delta Placement of Borrowed ADSs - The company will conduct a separate registered public offering of borrowed ADSs to facilitate derivative transactions for holders of the notes [4]. - The proceeds from the sale of the borrowed ADSs will go to the ADS Borrower, while GDS will receive a nominal lending fee [4]. Group 4: Underwriters and Advisors - J.P. Morgan, BofA Securities, Morgan Stanley, and UBS Investment Bank are acting as joint book-running managers for the Primary ADSs Offering, with China Galaxy International and Guotai Junan International serving as financial advisors [6]. Group 5: Company Overview - GDS Holdings Limited is a leading developer and operator of high-performance data centers in China, strategically located in major economic hubs [9]. - The company offers co-location and value-added services, including managed hybrid cloud services, and has a diverse customer base, including hyperscale cloud service providers and large internet companies [9].